France
2 September 2024
Sending money abroad has never been easier, with just a few clicks granting you access to competitive exchange rates and swift payments. Whether you’re transferring funds from your phone while on the go or from the comfort of your home, the process is convenient and fast. However, ensuring the security of your money is crucial. By taking a few simple precautions, you can confidently navigate the process and protect your transactions from potential risks. Follow our top tips to make sure your international payments are not only quick and cost-effective but also secure.
Choose an international payments provider you can trust
Make sure your provider augments their international payment services by implementing robust security measures that comply with official rules and regulations:
- How they keep your money safe: FX brokers and banks manage your money in different ways. FX brokers must keep your money in separate accounts, away from their business funds, to protect it from being used for other purposes. Banks, however, may not separate your money in the same way, so it might not be as protected. Choose a provider that has clear safety measures in place.
- Regulatory status: While banks are typically regulated, payment providers should be authorised by the Financial Conduct Authority (FCA) or a similar regulatory body. If the provider is a UK-based firm that handles international money transfers, being regulated helps ensure that your transactions are handled securely and that the provider adheres to strict conduct and protection standards.
- Data protection: If you are based in the UK or EU, providers must comply with the General Data Protection Regulation (GDPR), which is enforced in the UK through the Data Protection Act 2018. The ICO, the UK’s independent authority, upholds information rights and ensures that providers handle your data securely and in accordance with these regulations.
Avoid scams
Money transfer scams are fraudulent attempts to dupe individuals into sending money to criminals under false pretences – and international payments are prime targets. The scammers that execute them typically leverage manipulative strategies that play on emotions, create a sense of urgency, or promise significant financial gains.
Recognising the red flags that signal these scams is your first layer of defence against them, including:
- Unsolicited requests: Be cautious of unsolicited emails or messages requesting a money transfer. Scammers often pose as friends, family members, or businesses to trick you into sending funds.
- High return no risk offers: These too-good-to-be-true scams are a common form of investment scam that appear enticing at first glance but have nefarious intentions.
- Urgent offers: By creating a sense of urgency that rushes you, scammers attempt to force you into making a decision without time to think or consult.
- Phishing attacks: Cybercriminals send messages that contain a link to what appears to be the official website of your international payment service in the hope that you’ll enter your password into the fake site. Once this has been compromised, they can use it to gain access to your account.
Top tips
Protecting your money against these online scams requires vigilance and an understanding of the threats you’re exposed to:
- Verify every recipient’s identity: Only share your banking or personal details with recipients you know and trust. If a person or business you’re sending money to seems suspicious, verify their legitimacy before making any payments.
- Secure your devices: Use and regularly update anti-virus software to protect against malware and phishing attacks.
- Use strong, unique passwords: Don’t use the same password every time, create unique ones for new accounts – especially those that contain personal payment information. You can use free online password services to generate strong passwords.
- Stay informed: Keep pace with the latest risks by researching current techniques used by scammers and trends that are emerging in the threat landscape.
Lumon: your trusted international payments partner
Transferring your money online with Lumon isn’t just quick and cost-effective, it’s secure as well. We protect your personal data in line with relevant rules and regulations like safeguarding and GDPR – a rigorous process that is monitored and controlled by regulators like the FCA in the UK.
This commitment to regulatory compliance is complemented by our robust approach to protecting your funds against cyberattacks. For instance, we have integrated two-factor authentication (2FA) into your online account access and international payments – an additional layer of security that helps to protect your digital data by mitigating online payment and card fraud.
This respect for the fair and proper use of your information and your funds, combined with our determination to insulate them against external threats, helps us to earn your trust.
